Global Trade Surges to Record $32 Trillion

But the UN report announcing the overall trade volume for 2022 predicts a slowdown in 2023.

A view of the Devon, an oil tanker transferring oil from the Persian Gulf, in March 2018.

The value of global trade is set to reach a new record this year, increasing by about 12 percent to an estimated $32 trillion, according to a United Nations (UN) report that signals a slowdown heading into 2023.

“The substantial trade growth during the last year was largely due to increases in the value of the trade of energy products,” the UN’s Conference on Trade and Development (UNCTAD) said in the report released Tuesday.

Trade in merchandise goods soared to $25 trillion, an increase of about 10 percent, compared with the prior year. Trade in services grew 15 percent year over year, to nearly $7 trillion, according to the report.

The UN body expects the inflation-adjusted value of global trade to diminish next year because of the combined impact of geopolitical frictions, lower economic growth, higher prices for goods, and record levels of global debt. Based on volumes, “trade continued to increase throughout 2022, a signal of resilient global demand,” the report stated.

Still, weaker economic growth and inflation are likely to hamper international commerce in the year ahead. “While the outlook for global trade remains uncertain, negative factors appear to outweigh positive trends,” UNCTAD said.

—With assistance from Christopher Anstey.

 

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